A 32-storey residential hotel proposed for the Chelsea District in New York will be moving forward thanks to a $60 million financing package from the Shanghai Commercial Bank.

Property records show the package includes a $43 million building loan and a $17 million project loan for the hotel to be located at 132 West 28th St. The hotel is the project of investor Frank Ng.

According to The Commercial Observer, permits were filed with the New York City Department of Buildings in July of last year to erect the 203-key, 326-foot-tall residential hotel with roughly 96,000 square feet of commercial space and 31,000 square feet of residential space.

With 240,000 square feet on which to build, the finished facility will include a hotel lounge and bar at the ground floor, a fitness center on the second floor and conference rooms and a club on the 30th floor.